SVB contagion: Australia reportedly asks banks to report on crypto
Australia’s prudential regulator has reportedly told banks to improve reporting on crypto assets and provide daily updates. Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse. The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21. The regulator has ordered Banks to improve their report ing on crypto assets and provide daily updates to the APRA, the report notes, citing three people familiar with the matter. The agency is aiming to obtain more information and insight into banking exposures into crypto as well as associated risks, the sources said. The new measures are reported ly part of the APRA’s increased supervision of the banking sector in the aftermath of recent massive collapses in the global banking system...